北京建设(00925) - 2024 - 中期业绩

Financial Statements Consolidated Statement of Profit or Loss For the six months ended June 30, 2024, the Group's revenue decreased by 35.5% to RMB 489.18 million, with gross profit declining by 28.9%, leading to a wider loss attributable to owners of the Company of RMB 84.84 million Summary of Interim Condensed Consolidated Statement of Profit or Loss | Metric | For the six months ended June 30, 2024 (RMB in thousands) | For the six months ended June 30, 2023 (RMB in thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 489,178 | 758,100 | -35.5% | | Gross Profit | 96,771 | 136,233 | -28.9% | | Loss Before Tax | (66,067) | (68,734) | -3.9% | | Loss for the Period | (83,950) | (91,055) | -7.8% | | Loss Attributable to Owners of the Company | (84,839) | (67,350) | +26.0% | | Basic and Diluted Loss Per Share | RMB (1.22) cents | RMB (0.97) cents | +25.8% | Consolidated Statement of Comprehensive Income Despite a loss for the period of RMB 83.95 million, total comprehensive loss for the period significantly narrowed to RMB 47.79 million, primarily due to a positive foreign exchange difference from overseas operations, contrasting with a substantial loss in the prior period Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended June 30, 2024 (RMB in thousands) | For the six months ended June 30, 2023 (RMB in thousands) | | :--- | :--- | :--- | | Loss for the Period | (83,950) | (91,055) | | Other Comprehensive Income/(Loss) for the Period | 36,156 | (226,615) | | Total Comprehensive Loss for the Period | (47,794) | (317,670) | Consolidated Statement of Financial Position As of June 30, 2024, total assets increased by approximately 9% to RMB 14.81 billion, while total liabilities rose to RMB 11.88 billion due to new borrowings, resulting in a slight decrease in net assets to RMB 2.93 billion, though net current assets significantly improved to RMB 3.92 billion Summary of Consolidated Statement of Financial Position | Metric | June 30, 2024 (RMB in thousands) | December 31, 2023 (RMB in thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 8,091,853 | 8,065,613 | | Total Current Assets | 6,719,223 | 5,537,469 | | Total Assets | 14,811,076 | 13,603,082 | | Total Current Liabilities | 2,796,056 | 2,788,448 | | Total Non-current Liabilities | 9,081,680 | 7,810,857 | | Total Liabilities | 11,877,736 | 10,599,305 | | Net Assets | 2,933,340 | 3,003,777 | Notes to the Financial Statements Basis of Preparation and Accounting Policies These financial statements are prepared on a going concern basis, contingent on successful property disposals or ongoing financial support from the controlling shareholder, with significant accounting changes including a retrospective change in functional and presentation currency to RMB - The Board emphasizes that the Group's ability to continue as a going concern is uncertain, contingent on (i) successful disposal of Group properties, or (ii) continuous financial support from the controlling shareholder or fellow subsidiaries[7] - Effective December 31, 2023, the Company's functional currency changed from USD to RMB, reflecting that most investment and financing activities are transacted in RMB[9] - The presentation currency of the interim financial information has been changed from HKD to RMB, with comparative figures retrospectively restated[10] Operating Segment Information The Group operates five segments; Trade business generated the majority of revenue (RMB 379.12 million) but incurred the largest segment loss (RMB 14.26 million), while Logistics business achieved the highest segment profit (RMB 41.80 million), and Primary Land Development had no revenue contribution - The Group is organized into five reportable operating segments based on business nature: Property Business, Logistics Business, Industrial Business, Trade Business, and Primary Land Development Business[13] Segment Performance for H1 2024 (RMB in thousands) | Segment | Segment Revenue | Segment Results (Profit/Loss) | | :--- | :--- | :--- | | Property Business | 35,551 | 23,455 | | Logistics Business | 43,654 | 41,800 | | Industrial Business | 10,438 | (2,345) | | Trade Business | 379,119 | (14,260) | | Primary Land Development Business | - | (2,000) | Revenue and Other Income Total revenue for H1 2024 was RMB 489.18 million, comprising RMB 394.28 million from customer contracts and RMB 94.90 million from investment property rentals, while other income and gains significantly decreased to RMB 59.09 million due to the absence of prior period's large exchange gains, partially offset by a gain from subsidiary disposal Breakdown of Revenue, Other Income and Gains (Net) (RMB in thousands) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 489,178 | 758,100 | | Of which: Revenue from contracts with customers | 394,282 | 633,522 | | Of which: Rental income | 94,896 | 124,578 | | Other income and gains (net) | 59,090 | 151,984 | | Of which: Gain on disposal of a subsidiary | 52,282 | - | | Of which: Net exchange difference | - | 124,509 | Disposal of a Subsidiary In January 2024, the Group completed the disposal of a subsidiary holding an industrial warehouse in Jiaxing, Jiangsu, for a total cash consideration of RMB 273 million, recognizing a gain of approximately RMB 52.30 million and generating net cash inflow of RMB 233 million - The Group completed the disposal of the Jiaxing project in January 2024 for a total cash consideration of RMB 273 million, recognizing a gain on disposal of approximately RMB 52.30 million[34] Calculation of Gain on Disposal of a Subsidiary (RMB in thousands) | Item | Amount | | :--- | :--- | | Net assets disposed of | 56,829 | | Exchange fluctuation reserve | 142 | | Gain on disposal of a subsidiary recognized in profit or loss | 52,282 | | Cash consideration | 272,940 | | Net cash inflow from disposal of a subsidiary | 233,202 | Management Discussion and Analysis Performance Overview and Business Transformation In H1 2024, loss attributable to owners widened to RMB 84.84 million from RMB 67.35 million, prompting a business transformation to divest heavy-asset operations, reduce debt, and develop food supply chain services based on existing cold chain infrastructure to diversify revenue and improve profitability - The consolidated loss attributable to owners for H1 2024 was approximately RMB 84.84 million, an increase from RMB 67.35 million in the prior period[36] - The Group decided to undergo business transformation, gradually disposing of heavy-asset businesses and developing food supply chain operations in China to improve profitability through a two-pronged approach[37] Business Review This section reviews operational performance across business segments, noting the planned disposal of high-end warehouses with declining occupancy, the strategic focus on supply chain development despite a significant drop in Tianjin cold storage occupancy, the remaining single industrial property after a key disposal, ongoing planning for the Cambodia Belt and Road project, and stable commercial property operations High-end and Modern General Warehouses The Group prioritizes the disposal of mature high-end modern warehouses totaling approximately 430,000 square meters in Shanghai, Tianjin, and Qingdao, with average occupancy rates in Shanghai, Tianjin (Airport Zone), and Meishan warehouses declining in H1 2024 due to market pressures Changes in Average Occupancy Rates of Key General Warehouses | Warehouse Location | Average Occupancy Rate H1 2024 (%) | Average Occupancy Rate H1 2023 (%) | | :--- | :--- | :--- | | Shanghai Pudong District | 57.91 | 60.45 | | Tianjin (Airport Zone) | 32.43 | 43.46 | | Meishan Dongpo District | 55.26 | 65.41 | Supply Chain Development Supply chain is a key development area, aiming to be a national food supply chain service provider covering cold chain warehousing, agricultural wholesale markets, and the 'Frozen Products e-Port' online platform; however, Tianjin Hangu cold storage occupancy significantly dropped to 35.44%, while the online platform continues to optimize with over 198,000 registered users - The Group's strategic goal is to establish China's premier integrated service platform for the supply chain industry, focusing on providing high-value imported meat and aquatic product trading services[41] - The average occupancy rate of Tianjin Hangu Cold Storage was 35.44% in H1 2024, a significant decrease from 69.86% in the prior period[42] - The 'Frozen Products e-Port' online platform has accumulated over 198,582 registered users and integrated resources from over 3,173 logistics companies and 7,000 cold storage facilities nationwide[45] Industrial Properties The Group successfully divested industrial properties in Taicang, Changshu, Suzhou, and Jiaxing, with the Jiaxing project's sale in January 2024 recovering approximately RMB 273 million, leaving only the Sunan Smart City project in Changzhou, where Phase I is completed and Phase II is delayed to November 2026 - The Zhejiang Jiaxing project was successfully disposed of on January 24, 2024, recovering approximately RMB 272.94 million[47] Belt and Road Initiative Projects The Group's Cambodia-China Special Economic Zone project, aimed at providing an integrated industrial platform for Chinese enterprises under the Belt and Road Initiative, has completed detailed planning for Phase I land but awaits construction, with the Group actively seeking strategic partners and monitoring bilateral policies to optimize plans and commence development - The Cambodia-China Special Economic Zone project primarily involves primary land development, with land transfer gains realized upon sale to Chinese enterprises after development, and is actively seeking strategic partners[49] Commercial Properties The Group holds two commercial properties: Guangzhou Guangming Plaza, which maintained stable operations with an average occupancy rate of approximately 84.27% in H1 2024, and the Beijing hotel property, which reopened in Q2 2024 under a management contract after renovation - The average occupancy rate for the self-owned area of Guangzhou Guangming Plaza was approximately 84.27% in H1 2024[51] Business Outlook Looking ahead, the Group will steadfastly execute its business transformation, shifting from heavy-asset reliance to a hybrid model, focusing on developing a light-asset supply chain industry utilizing existing infrastructure, aiming to build a low-risk, strong cash flow S2B2C food ingredient service platform within three to five years to achieve sustainable profitability and positive cash flow by increasing service-based revenue - The Group will gradually reduce its reliance on pan-real estate development, continuously promoting asset disposal of mature projects to recover funds, realize profits, and reduce liabilities[52] - The Group aims to build a light-asset, low-risk, strong cash flow S2B2C food ingredient industry service platform within three to five years, forming a 'three-wheel drive' business growth model[53] - The future will transition to a hybrid development model, increasing the proportion of service-related businesses while continuing to reduce operating costs and financial expenses[54] Financial Review This section details financial performance changes from management's perspective, attributing declines in total revenue and gross profit to trade business contraction and property disposals, while expenses, particularly administrative and finance costs, generally decreased due to cost controls, and the balance sheet saw increased total borrowings but significantly improved cash position and liquidity from bond issuance Revenue and Gross Profit Analysis In H1 2024, revenue decreased by 35.5% to RMB 489.18 million and gross profit by 29.0% to RMB 97 million, primarily due to trade business restructuring and property disposals, while cold chain logistics warehouse revenue halved with a -76.18% gross margin due to a sharp drop in Tianjin project occupancy Revenue Changes by Business Segment (RMB in thousands) | Business Segment | H1 2024 Revenue | H1 2023 Revenue | Change | | :--- | :--- | :--- | :--- | | High-end and Modern General Warehouses | 37,333 | 64,993 | (27,660) | | Cold Chain Logistics Warehouses | 5,562 | 15,738 | (10,176) | | Trade | 379,119 | 586,821 | (207,702) | | Industrial Properties | 10,288 | 35,221 | (24,933) | | Group Total | 489,178 | 758,100 | (268,922) | Expenses and Other Profit/Loss Items Analysis During the period, expenses were effectively controlled, with sales and distribution expenses decreasing by 68.7% and administrative expenses by 33.5%, while finance costs significantly reduced by 36.8% to RMB 158 million due to high-interest debt management, and other income and gains decreased by 61.1% primarily due to the absence of prior period's large exchange gains, partially offset by a subsidiary disposal gain - Administrative expenses decreased by RMB 23.31 million (-33.5%), primarily due to implemented cost control measures[65] - Finance costs decreased by RMB 92.06 million (-36.8%), mainly due to reduced interest expenses on bank loans and guaranteed bonds[67] Liquidity and Financial Resources As of June 30, 2024, total borrowings increased to RMB 8.97 billion, with the gearing ratio slightly rising to 238.63%, while cash and cash equivalents significantly increased to RMB 1.97 billion due to the issuance of RMB 1.5 billion in guaranteed bonds and subsidiary disposal, enhancing short-term solvency with the current ratio improving to 240.3% Key Financial Ratios | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Borrowings (RMB in thousands) | 8,969,500 | 7,431,420 | | Gearing Ratio | 238.63% | 234.91% | | Current Ratio | 240.31% | 198.59% | | Quick Ratio | 169.20% | 124.72% | - The Group issued RMB 1.5 billion in three-year guaranteed bonds in June 2024[76] Other Disclosures This section covers other key disclosures, including a lawsuit for supplementary indemnity liability related to an associate's debt of RMB 105 million, the Board's decision not to declare an interim dividend, a year-on-year decrease in employee count, and the adoption of a conservative treasury policy to manage cash and foreign exchange risks - The Group faces a lawsuit seeking supplementary indemnity liability for an associate's bank debt up to RMB 105 million in principal and interest, with the case currently under review[84] - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[85] - As of June 30, 2024, the Group had 315 employees, a decrease from 487 in the prior period[86]